Sycamore Partners’ potential bid to take Walgreens Boots Alliance (NASDAQ:WBA) private and split into three parts seems “highly difficult” which leads Deutsche Bank’s George Hill to see a more likely outcome of a “take-under” or for Sycamore to abandon the deal altogether.

Shares of Walgreens Boots Alliance (NASDAQ: WBA) rose on Thursday, up as much as 7.3% before settling into a 2.2% gain by 3:30 p.m. ET. That gain was still notable, since the broader markets were down significantly on the day.